Released on December 12, 2007
A temporary cease trade order issued November 26, 2007, against Landbankers International MX, S.A. de C.V., and its representatives, has been extended.
The order, issued by the Saskatchewan Financial Services Commission (SFSC), directs Landbankers International MX, S.A. de C.V. and Kelly Friesen to cease trading in securities and exchange contracts. The order also removes their right to use exemptions in Saskatchewan securities laws.
Landbankers International is based in Puerto Vallarta, Mexico. Acting on behalf of the company, Kelly Friesen of Warman, Saskatchewan has been offering investment opportunities in shares of the company. Friesen has obtained investments from many individuals in Saskatchewan, and from individuals in several other provinces in Canada. Landbankers International and Friesen have failed to comply with the registration and prospectus requirements under Saskatchewan securities law.
"We have been working very closely with other provincial Commissions to determine the full scope of this illegal distribution of shares, and we will be requesting assistance from the Mexican authorities," SFSC's Enforcement Branch Deputy Director Ed Rodonets said.
Any Saskatchewan residents who may have been contacted by Kelly Friesen or representatives of Landbankers International are asked to contact the SFSC, Enforcement branch at 306-787-5936.
The complete decision is available at the Commission web site at www.sfsc.gov.sk.ca.
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For more information, contact:
Ed Rodonets
Saskatchewan Financial Services Commission
Regina
Phone: (306) 787-5850